Holman Automotive acquires Kuni Automotive
Holman Automotive, of Maple Shade, New Jersey, has completed its acquisition of Kuni Automotive, of Vancouver, Washington.
The Kuni Automotive dealerships located in Washington, Oregon, California, Colorado and Kansas that were acquired will now operate as 'Kuni Automotive, a Holman Enterprise.'
The deal doubles Holman Automotive's retail business, which will now have more than $3bn in annual revenue; 40 dealership franchises and 19 brands at 34 locations; and nearly 3,000 employees.
This acquisition makes Holman Automotive one of the largest privately owned dealership networks in the nation. Holman's existing dealerships are located in New Jersey, Florida and Pennsylvania.
The terms of the deal will not be disclosed.
In addition to creating an automotive industry powerhouse, the transaction will positively impact the Wayne D. Kuni and Joan E. Kuni Foundation, a charitable foundation that has supported cancer research and worked to enhance the lives of developmentally disabled adults since 2005.
As the majority stakeholder in Kuni Automotive, the Kuni Foundation will receive funding that will help to support its philanthropic work well into the future. The foundation expects to be able to broaden the scope and geography of its charitable outreach as well.
Holman board chairman Melinda "Mindy" K. Holman said: "This acquisition aligns with Holman's strategy of investing in and growing our retail business outside of our existing platforms.
"But, it is important to recognize that our two companies are a great cultural fit, which was a very important consideration to us as we went through this process.
"We look forward to sharing in the success we will enjoy together as we continue to define what it means to be a leader in the automotive industry, in our own communities and beyond."
Kuni Automotive's former CEO, Greg Goodwin, who remains an integral part of the company, said he is excited for the Holman and Kuni employees who will benefit from the combination of the two dealership networks.
Goodwin said: "Team members from both the Kuni and Holman sides of the deal will have the opportunity to explore new career opportunities within the larger organization and will learn a lot from one another, to the benefit of our customers."
Holman plans to remain a privately owned company as it continues to grow and flourish.
Source: Company Press Release